Neoliberalism

Neoliberalism is a new form of the old economic liberalism laid out in Adam Smith's famous capitalist manifesto, The Wealth of Nations, soon after the Industrial Revolution. Neoliberals believe regulation should not be an impediment to manufacturing or commerce, and that high tariffs can be harmful. These ideas were liberal in the sense of advocating loose controls. In neoliberalism, profits are sought by lowering costs through improvements in the productive powers of labor. There should be reduced costly and unnecessary government regulation without sacrificing environmental protection and job safety.